Genco Shipping & Trading (NYSE:GNK) Announces Earnings Results, Misses Expectations By $0.01 EPS

by · The Markets Daily

Genco Shipping & Trading (NYSE:GNK – Get Free Report) issued its quarterly earnings results on Wednesday. The shipping company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01), Zacks reports. Genco Shipping & Trading had a return on equity of 6.46% and a net margin of 9.15%. The business had revenue of $151.85 million for the quarter, compared to the consensus estimate of $105.04 million. During the same quarter last year, the business posted ($0.01) earnings per share. The business’s revenue was up 90.0% compared to the same quarter last year.

Genco Shipping & Trading Stock Performance

Shares of NYSE:GNK traded down $0.08 during mid-day trading on Wednesday, reaching $24.72. The company had a trading volume of 606,538 shares, compared to its average volume of 551,556. The company has a current ratio of 2.97, a quick ratio of 2.41 and a debt-to-equity ratio of 0.36. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 2.90 and a beta of 1.08. The company’s 50-day moving average price is $26.35 and its 200-day moving average price is $24.38. Genco Shipping & Trading has a one year low of $15.58 and a one year high of $28.42.

Analyst Ratings Changes

A number of brokerages have issued reports on GNK. Weiss Ratings downgraded Genco Shipping & Trading from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, October 26th. BTIG Research dropped coverage on Genco Shipping & Trading in a research note on Friday, September 18th. They set a “neutral” rating on the stock. Zacks Research downgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong sell” rating in a report on Monday, October 5th. Finally, B. Riley Financial restated a “buy” rating on shares of Genco Shipping & Trading in a research report on Friday, August 7th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $29.00.

View Our Latest Analysis on GNK

About Genco Shipping & Trading

(Get Free Report)

Genco Shipping & Trading Limited (NYSE:GNK) is a drybulk shipping company that owns and operates a fleet of oceangoing vessels. The company transports essential commodities, including iron ore, grain, coal and other major and minor bulk cargoes, for customers around the world.

Genco’s fleet includes large Capesize vessels as well as Ultramax, Supramax and Handysize ships. These vessels serve different segments of the drybulk market and support the movement of raw materials used in energy production, agriculture, construction and industrial manufacturing.

Founded in 1997 and headquartered in New York, Genco serves international trade routes across major global commodity markets.

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